Daily Ag Direction 4/10/25
Good Morning!
The WASDE report is set for release at 11 a.m. today. While it’s not typically a major market mover, it’ll be worth watching to see if the USDA surprises with any unexpected adjustments and whether the market responds, especially given the recent volatility.
Wheat markets are trading higher into the morning break, continuing the familiar pattern of the past three sessions, light volume and choppy action overnight, followed by early morning buying. Despite the steady grind higher into the close, we may be approaching technical resistance. Open interest has been declining across the wheat complex, which suggests the recent strength could be driven by short covering. It will be interesting to see the Commitment of Traders Report tomorrow, but they just keep selling in Paris wheat and are now short -262k.
The corn market continues to show impressive resilience, holding firm despite the pullback in crude and ongoing volatility in the broader macro space. Strong demand, both export and domestic, remains the key driver. Corn planting is expected to ramp up in the coming weeks, with generally favorable conditions across most areas, though the Ohio Valley remains a bit of a question mark. We'll also need to assess potential replanting needs in parts of the Delta and Southeast.
May KC Wheat is -1.75 @ $5.6625
July KC Wheat is -1 @ $5.7925
May Corn is +2.25 @ $4.7625
Dec Corn is +2.25 @ $4.53
May Soybeans are +5.75 @ $10.185
Nov Soybeans are +5.5 @ $10.025
Please reach out to your CEA Risk Management Advisor if you have any questions. Have a great day!
Mike Hellman
580-532-5126
